Dallas Real Estate Investment Training

Updated on January 18, 2011

Dallas Texas Skyline

Charlie Burlbaw Gets It Going In Princeton

Monday, April 21, 2008 Day
One

9:00 I arrived at
Charlie’s home and we began to discuss what he had done over the weekend as far
as homework. I outlined some of the things
that I was looking to accomplish with him on the first day. These things included:

Craigslist Ads

Obituaries

Realtor/Private Money Mail Merge

FLS Letters Mailed Out

Meeting with Lorena

Appt of Substitute Trustee Postings

MLS Short Sale/REO Postings

Appointments with Team

Private Money Email

Out of State Owners

FSBO Listings

We spent the rest of the morning going over the list. I had him post seven Craigslist ads that
included Handyman Special, I Buy Notes, No Bank Qualifying, Send Me Your
Problem Properties, Foreclosure Assistance, and Private Lender Available. I also spent some time discussing how he
could re-pull the foreclosure list throughout the month (which he didn’t know)
along with having him make some calls to set up team members.

11:00 I had sent
Charlie a list of Texas Realtors in the Dallas/Fort Worth area that he
could target for short sales and problem properties. He didn’t know how he could target that list,
so I spent some time with him creating a email list that he could do a mail
merge on and mass email the list through Constant Contact. This took a while, but we were able to get
him one sent out. We then checked his
email and found several responses to his Craigslist postings. We took some time to answer them back.

12:00 Charlie had
printed and addressed 120 foreclosure letters the previous night, so we took
some time to review the list of properties and then we headed out to the post
office for him to get some stamps to mail them.
Before leaving, I discussed how he could pull out of state owners off of
the same list along with targeting the daily obituaries for probate
properties. We then headed out to lunch.

1:00 Lunch

2:00 We arrived
back at Charlie’s house and he was excited to see several responses to his
Craigslist postings. We took some time
to answer them. We also set up an
appointment with two realtors, Lorena Gerlach (Tuesday) and Cindy Grosser
(Wednesday). While speaking with
Lorena, we asked her to pull a list of short sales in Princeton along with the
nearby town of McKinney. She sent us the MLS listings along with the
info in a usable spreadsheet. Before we
tackled this list though, we headed out to look at two FSBO’s/ugly houses that
we had driven past on our way back from lunch.

3:30 We stopped by both
homes which one was closed up, but the other was open and quite trashed. While we were inspecting the second home,
Charlie came across a posting on the home that the city had acquired it to
expand the road to five lanes running in front of the home. We left that home and I had Charlie call the
phone number on the listing of another home along with the first one we visited
it.

4:30 Once we
arrived back home, Charlie checked his email and he had received a couple of
responses from his realtor email. After
he responded to them, I had him pull up the CountyAppraisers
website so that I could show him how he could search the obituaries for
properties that the deceased may have owned.
He was able to pull up a complete list on the Dallas Morning News and
was able to filter it to meet his list and areas that he wanted to focus
on.

5:30 We were
getting ready to wrap up the day when Charlie received a phone call back to the
FSBO that was locked up when we had driven by it. The owner wanted us to swing by and view the
property, so we headed out to meet the owner.
The owner was in the process of cleaning out the property as it was her
deceased mother’s home and it was obvious that the home needed a lot of work. We thanked her and I ran Charlie back to his
home.

6:00 We wrapped up
the day with Charlie completing the Daily Journal, along with me assigning him
some homework (obituaries, FLS listings, and FSBO listings). I then headed out to my hotel.

Tuesday, April 22, 2008 Day
Two

9:00 I arrived back
at Charlie’s home. We spent some time
discussing the homework that Charlie had worked on and that he had another 60
letters to mail out. We discussed the
day ahead and our meeting with Lorena Gerlach at 10:30 and what we wanted to
accomplish with her that day. Before she
arrived, I had Charlie repost a few ads that had been flagged by
Craigslist.

10:30 Lorena arrived
at Charlie’s house and we began to work on pulling up some properties that were
short sales in the nearby areas. After
reviewing where these were at, we headed out to take a look.

11:30 We stopped and
reviewed two short sale properties that were in pretty good condition. There was another showing going on at both of
them so after looking at both we headed out to look at a couple of others. We arrived at the Villas of Monte Carlo in Princeton and after looking at one property, we uncovered
multiple properties where the builder had walked away after completing 90% of
the work and the finish out would just include flooring, cleaning, landscaping,
and some light trim work. Lorena and I
were both extremely excited and explained to Charlie how he could benefit from
each of the properties.

We stopped by the Lennar office that was on site and
inquired about the builders that had walked away from the properties that we
had just looked at. The sales associate
told us the builder (Five Star Homes) had walked away from not only their
location, but four others around the DFW metro-plex. We thanked her for her time and headed out to
lunch and on to Charlie’s home.

2:00 Lunch

3:30 We arrived
back at Charlie’s after lunch and starting researching Five Star Homes. Their website gave us a lot of information
and also included property addresses that were still available/walked away from
on all five of their locations. While
researching the local properties, we found the names of the underlying banks
that had foreclosed on them and were looking to sell them. Lorena had to take off and get back to her
home, so we thanked her for her time and told her that we would be getting some
properties to her to fill out the contracts on.

5:00 Charlie and I
started pulling phone numbers for Indpendence, Prosperity, Jefferson Banks and
two other companies (Southwest Securities and Princeton 380) that held the
properties and lots as REO’s. We called
them, but with it being after 5 pm, we decided that we would call back later
the next day.

6:00 We wrapped up
the day with Charlie completing the Daily Journal, along with me assigning him
some homework (research builder closeout properties and the banks owning them
along with him working on some obituary letters).

Wednesday, April 23, 2008 Day
Three

9:00 I arrived at
Charlie’s and found that he had completed the homework. He had also research the properties in McKinney and Princeton
that were reflected on the FLSonline list and had written letters to them
all. We then headed to the post office
so that he could mail them and then we went to meet with another realtor, Cindy
Grosser.

10:30 We arrived at
Cindy Grosser’s office and visited with her for a while. Charlie asked me to talk with her regarding a
home that she was trying to sell. I
structured a owner financed wrap for her and discussed the options, time frame,
etc. She was interested and I went into
several ways for her to work with other realtors. We also discussed how she could help Charlie
out and what lists that she needed to pull for him on a regular basis. She liked this relationship with Charlie and
we requested her to recommend a mortgage broker or two along with a good title
company. She recommended Land America
Title (right across the street) and Mark Thaler, Mortgage Broker.

We were lucky enough to catch Mark Thaler in the office and
had a great visit with him. It turned
out that he had a couple warehouse lines and would be willing to send us
anything that he had that he couldn’t get off of his lines. He had been in the business for over 15 years
and did FHA, VA, and funded off of their own lines as well. We had a great conversation with him and then
thanked Cindy for her time and headed out to lunch.

1:00 Lunch

2:00 We arrived
back at Charlie’s house and started to call the banks again on the foreclosed
builder inventory. We were able to get a
hold of someone who would be sending us the list of their REO inventory for us
to review. I was excited to here this
info and explained to Charlie ways that he could finance a lot of these. We then made some phone calls to some hard
money lenders and discussed the financing options for all the deals we had
looked at. They were all interested at
funding at 65-70% of ARV.

3:30 I had Charlie
focus some of his time on the list of short sales that Lorena had sent us. We did some researching of what the
properties had been financed at by pulling the deeds from the County clerk’s
website. We then came up with an
offering price at 65% and sent the offers to Lorena to get the contracts filled
out for Charlie. Lorena was headed down
to Financial Mastery in Austin
and promised to get Charlie the contracts signed to him by either Sunday or on
Monday.

6:00 We wrapped up
the day with Charlie completing the Daily Journal, along with me assigning him
some homework. We also took the time to
listen to the NAREI until 6:45 pm. and then we headed out to dinner with his
wife.

8:00 I headed home
to the hotel from dinner..

Thursday, April 24, 2008 Day
Four

9:00 I arrived at
Charlie’s house and was excited to hear that he had received two phone calls
from people facing foreclosure. We
discussed the information sheets. He
also brought up two leads that he had received prior to my arriving. I had him call both leads and he was able to
set up an appointment with them both. He
also discussed with me that he had received a list of 4 builder closeouts that
Southwest Securities had sent him that were framed out with roofs, but nothing
else. Two were in town, so we
immediately headed out to review them both.

10:00 We walked
through both builder close outs and I made a few phone calls to my builder
contacts to get an estimate of completion percentages. After reviewing them and finding a few
identical properties that were listed for near $200K in the same subdivision,
we decided to drive around a few other locations to look at homes. We came across another FSBO that had a car
parked out in front with Arizona
plates, so we dropped by and knocked on the door. We were extremely surprised to be greeted by
two female budists (mother and daughter).
It turns out that they had paid cash for the property a year ago and
were trying to sell it at $136K. They
were unhappy with their agent and were had just placed it as a FSBO and were
spending a month in Princeton trying to sell
it. They gave us a tour of the home and
we thanked them for their time. I
mentioned to Charlie that he should call them back in a week and offer $100K
cash (67% LTV) and see if they would be more willing to negotiate after a week
and then follow up every two weeks as well.
He liked that idea and with that we headed to lunch.

1:00 Lunch

2:00 We arrived
back at Charlie’s and we started to discuss his course of actions on the deals
that we had found. I took some time to
go through the Four Goal Close with him and to also give him contact
information on some of the people that we had contacted that week who had
emailed me items. We also discussed time
lines and the short sale time line along with the resources that were in the
mentor manual.

4:00 I spent the
last hour with Charlie discussing and planning his marketing plan down to
daily, weekly, and monthly activities.
We identified several ways throughout the week for him to identify
properties and deals. I also made
another phone call to a secondary marketing manager with Power Lending in Dallas who stated that he
would send us any scratch and dent loans that he came across. We then prepped Charlie for the weekend ahead
with hotel arrangements.

5:00 I wrapped up
my stay and the 1:1 with Charlie filling out the Daily Journal and completing
the Mentor Evaluation. I then headed out
to Austin.

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